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One of the pillars of the partnership between Cyprus and Russia is the substantial cooperation in the economic field, Ambassador of the Russian Federation in Nicosia, Stanislav Osadchiy, has said, addressing a conference on ‘The future of Russian business in Cyprus’, that took place on Thursday in Limassol.
Property rents in Limassol have increased by around 25 per cent over the past two years, much higher than other cities in Cyprus resulting in many locals being priced out of the market.
MPs in Cyprus are planning to revise Property Transfer Fees and the VAT paid on land sales to eliminate distortions in the Cyprus property market, which they believe is adversely impacting competition.
Limassol is amongst the top 100 cities of the world according in the ‘Quality of Living Index’ produced by Mercer, one of the world’s largest HR consultancy firms, that evaluated local living conditions in more than 450 cities.
The Residential Property Price Index recorded an increase of 0.4% for the fifth consecutive quarter in the third quarter of 2017, on a quarterly basis, while the Index increased by 1.4% yoy.
ENI announced “promising” gas discovery in Cyprus’ Block 6Italian oil & gas giant ENI has announced a “promising” gas discovery in Cyprus’ Block 6, noting that the discovery confirms the extension of the “Zohr like” play in Cyprus’ Exclusive Economic Zone (EEZ).
A double tax treaty for the avoidance of double taxation between Cyprus and Saudi Arabia was signed on the 3rd January 2018 and is expected to come in force on 1st January 2019.
The Cyprus Government aiming to give motive and to produce investments introduced a new framework with tax incentives for investments in small and medium sized innovative business.